Renaissance Technologies LLC Takes $9.12 Million Position in Nuvalent, Inc. $NUVL

Renaissance Technologies LLC bought a new position in shares of Nuvalent, Inc. (NASDAQ:NUVL) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 89,000 shares of the company’s stock, valued at approximately $9,118,000. Renaissance Technologies LLC owned approximately 0.11% of Nuvalent as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Aberdeen Group plc increased its holdings in Nuvalent by 115.4% in the 4th quarter. Aberdeen Group plc now owns 165,177 shares of the company’s stock valued at $16,615,000 after buying an additional 88,489 shares during the period. Rhenman & Partners Asset Management AB increased its stake in Nuvalent by 211.1% in the fourth quarter. Rhenman & Partners Asset Management AB now owns 163,350 shares of the company’s stock valued at $16,431,000 after acquiring an additional 110,850 shares during the last quarter. Nicholas Investment Partners LP raised its position in Nuvalent by 29.2% during the fourth quarter. Nicholas Investment Partners LP now owns 160,483 shares of the company’s stock valued at $16,143,000 after purchasing an additional 36,305 shares in the last quarter. Candriam S.C.A. lifted its stake in Nuvalent by 9.3% during the first quarter. Candriam S.C.A. now owns 391,306 shares of the company’s stock worth $40,089,000 after purchasing an additional 33,293 shares during the last quarter. Finally, Walleye Capital LLC lifted its stake in Nuvalent by 426.3% during the first quarter. Walleye Capital LLC now owns 41,873 shares of the company’s stock worth $4,290,000 after purchasing an additional 33,917 shares during the last quarter. Institutional investors own 97.26% of the company’s stock.

Analyst Upgrades and Downgrades

NUVL has been the subject of a number of research analyst reports. Lifesci Capital cut Nuvalent from an “outperform” rating to a “hold” rating and set a $124.00 price target for the company. in a report on Tuesday, June 9th. Cantor Fitzgerald cut Nuvalent from an “overweight” rating to a “neutral” rating in a research report on Tuesday, June 9th. TD Cowen downgraded Nuvalent from a “buy” rating to a “hold” rating and set a $124.00 target price for the company. in a research note on Tuesday, June 9th. Stifel Nicolaus set a $124.00 target price on shares of Nuvalent in a report on Tuesday, June 9th. Finally, Wedbush downgraded shares of Nuvalent from an “outperform” rating to a “neutral” rating and reduced their price target for the company from $125.00 to $124.00 in a research note on Tuesday, June 9th. Four investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $127.73.

Nuvalent Price Performance

NASDAQ NUVL opened at $123.96 on Monday. The company has a market cap of $9.79 billion, a price-to-earnings ratio of -20.46 and a beta of 1.14. Nuvalent, Inc. has a twelve month low of $71.13 and a twelve month high of $123.99. The business’s fifty day moving average is $118.13 and its 200 day moving average is $108.16.

Nuvalent (NASDAQ:NUVL) last posted its earnings results on Thursday, May 7th. The company reported ($1.39) EPS for the quarter, missing the consensus estimate of ($1.35) by ($0.04). During the same quarter in the previous year, the company posted ($1.18) earnings per share. On average, research analysts anticipate that Nuvalent, Inc. will post -5.74 earnings per share for the current fiscal year.

Insider Transactions at Nuvalent

In other news, insider Deborah Ann Miller sold 5,500 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $107.84, for a total value of $593,120.00. Following the completion of the transaction, the insider owned 59,634 shares of the company’s stock, valued at $6,430,930.56. This represents a 8.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO James Richard Porter sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $88.53, for a total transaction of $2,655,900.00. Following the completion of the transaction, the chief executive officer owned 324,879 shares of the company’s stock, valued at approximately $28,761,537.87. This trade represents a 8.45% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 90,471 shares of company stock worth $9,762,529. 5.02% of the stock is owned by corporate insiders.

Nuvalent Company Profile

Nuvalent, Inc (NASDAQ:NUVL) is a clinical-stage precision oncology company focused on the discovery, development and commercialization of targeted therapies for patients with genetically defined cancers. Founded in 2019 and headquartered in San Diego, California, Nuvalent applies structure-guided drug design to develop small molecule inhibitors that address key oncogenic drivers. The company’s research platform integrates insights from cancer biology, medicinal chemistry and translational science to create therapies with differentiated selectivity and potency against validated targets.

Nuvalent’s lead pipeline candidates include NVL-520, a highly selective RET inhibitor designed to minimize off-target effects, and NVL-655, a potent covalent inhibitor targeting KRAS G12D mutations.